New User: Frame upgrade?

Hi folks,

New to the forum and I gotta say, this forum is pretty awesome. Here's my dilemma:

I inherited a 2009 Trek 4500 (18 inch White version) from my brother in law. He's ridden the bike a few times and has managed to scuff up the frame just a little. Nothing too major. Anyways the bike frame is a tad too big for me and I'm not very comfortable hitting the trails with it. I'm 5'5 and I'm used to riding on a 15.5 to 16 inch frame.

My questions are:

1). Is it possible to upgrade to a full suspension frame with most of the components from the 4500?

2). If so which full suspension or maybe hard tail frame do you folks recommend? I guess something not over a $1000.00.
Any help would be greatly appreciated. Thanks a bunch!

Check out the Sette Frames at Pricepoint.com
You can get a Sette Ace Full suspension frame for under $500 (the smallest size is 16.5", but I think you would be ok on that. They also have a couple of Carbon Fiber hardtail frames for around $500.

You should be able to move most of the components over (I would buy a new headset rather than trying to move one). But I do have to say that the components on that Trek are not all that great. For $1000 you can get the Sette Ace complete bike with better components. There are also some very nice Hardtail complete bikes at BikesDirect.com for $1000 or less.
You may just want to get a cheaper hardtail frame (like the Sette Reken or the frame Performancebike.com has on sale now) and move the components to that for now. Then consider buying a complete full suspension bike later.

Edit: I just want to add that the one significant potential issue is if the steerer tube on your current fork is long enough to fit the new frame. Since you're moving to a smaller frame, your chances are pretty good, but you should probably measure to be sure.

Warning: may contain sarcasm and/or crap made up in an attempt to feel important.

If you had $1,000 to spend and that was the maximum i would probably go with the Sette Ace full suspension bike. I dont think its worth swapping out the 24 speed drive train onto another frame. It could probably be done without too much expense if the derailleur, seat tube, and headset all matched. If you had less money to spend a used Giant NRS or Fuel 80-90 could be had for around $500 or maybe less.